The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
21 July 2021
Orcadian Energy plc
(“Orcadian Energy”, “Orcadian” or the “Company”)
Concept Selection Update
Investor Presentation and Update
Orcadian Energy (AIM: ORCA), the North Sea focused, oil and gas development company, is holding an event at midday today on the Investor Meet Company platform during which the Company will provide an overview of its assets and its plans for the coming months. Anyone interested can register to attend the event at the following link:
In light of the presentation, and the questions submitted through the Investor Meet Company platform, the Company is making the following additional information available, in respect of the Pilot field development, which is at a finer level of detail than previously disclosed.
|Pilot oil, sulphur content||0.7% (mass percentage)||Corelab assay of 21/27a-6 sample|
|Average well cost||£13 million||CPR|
|Average well duration from spud to completion||45.5 days||CSR|
|Jack-up specification||CJ-50 or equivalent||CSR|
|Man-hours expended in preparation of the CSR||c. 8,100||Contractor invoices and retrospective estimate of employee time|
|Estimated capital cost of a floating wind and wave unit||£50 million to £55 million||Floating Power Plant A/S|
|Polymer costs||c. £2.5-3.0/bbl||CSR & CPR, in 2021 money|
|Field operating costs (i.e. excluding any lease costs)||c. £8/bbl||CPR, in 2021 money|
|Water injection capacity||c. 169,000 bbls/day||CSR|
|Low salinity water injection capacity||c. 63,000 bbls/day||CSR|
|Peak power demands||c. 18MW||CSR Addendum|
CPR is the Competent Person’s Report – available on the Company’s website and in the Company’s recent Admission Document
CSR is the Concept Select Report, submitted to the OGA in September 2020 and the Concept Select Report Addendum submitted to the OGA in July 2021
Qualified Person’s Statement
Pursuant to the requirements of the AIM Rules and in particular, the AIM Note for Mining and Oil and Gas Companies, Greg Harding has reviewed and approved the technical information and resource reporting contained in this announcement. Greg has more than 35 years’ experience in the oil & gas industry. He holds a BEng in Chemical Engineering from Imperial College and is a Chartered Engineer, European Engineer, and a member of the Society of Petroleum Engineers, the Energy Institute and the Institute of Chemical Engineers. Greg is Technical Director of Orcadian Energy.
For further information on the Company please visit the Company’s website: https://orcadian.energy
|Orcadian Energy plc||+ 44 20 7920 3150|
Steve Brown, CEO
Alan Hume, CFO
|WH Ireland (Nomad and Sole Broker)||+44 20 7220 1666|
Harry Ansell / Fraser Marshall (Corporate Broking)
Katy Mitchell / James Sinclair-Ford / Lydia Zychowska
|Tavistock (PR)||+ 44 20 7920 3150|
About Orcadian Energy
Orcadian Energy (CNS) Ltd (“CNS”), Orcadian’s operating subsidiary, was founded in 2014 and is the sole licensee of P2244, which contains 78.8 MMbbl of 2P reserves in the Pilot discovery, and of P2320 and P2482, which contain a further 77.8 MMbbl of 2C contingent resources in the Elke, Narwhal and Blakeney discoveries (as audited by Sproule, see the CPR in the Company’s Admission Document for more details). Within these licences there are also 191 MMbbl of unrisked prospective resources. These licences are in blocks 21/27, 21/28, 28/2 and 28/3, and lie 150 kms due East of Aberdeen. The Company also has a 50% working interest in P2516, which contains the Fynn discoveries. P2516 is administered by the Parkmead Group and covers blocks 14/20g and 15/16g, which lie midway between the Piper and Claymore fields, 180 kms due East of Wick.
Pilot, which is the largest oilfield in Orcadian’s portfolio was discovered by Fina in 1989 and has been well appraised. In total five wells and two sidetracks were drilled on Pilot, including a relatively short horizontal well which produced over 1,800 bbls/day on test.